STEEN CAPITAL PARTNERS

Our distinction

Most fund managers find comfort in over-diversification. Most of the investment houses in South Africa have more than fifty equity holdings at any point in time; most international houses hundreds. This means most fund managers own “a little bit of everything”. Unfailingly this results in the ownership of either – or in some cases both – companies that are substandard in quality or too dearly valued by the market.

Our process is strict, and most companies fail to meet our investment requirements. When we do find companies that meet our quality and valuation requirements we act with conviction. This means our portfolio is concentrated in eight to fifteen holdings and do not entertain companies of poor quality, over indebtedness, sub-standard management, or that are too dearly valued by the market.

These opportunities are rare. There just simply are not hundreds of them around especially in the confines of the South African market.

Our fund structure, focused investment approach, and smaller fund size allows us to take meaningful positions in these opportunities when they arise and that moves the needle for our clients when they play out. Our focused approach also means closer following of business performance, and in some cases, an active role to influence management outcomes and deliver improved outcomes for shareholders.

Our interests are
aligned with yours

Smaller fund size

Allows us to invest in often overlooked investment opportunities.

Patient, long-term investors

We don’t make investments with emotional stress of “next month” or “next quarter”.

Rational, fact-based process

Minimize mistakes, avoid value-traps, removes emotions.

Focus

The fund is structured to allow us to focus on highest conviction investment ideas.

Aligned with our clients

Our money is invested alongside yours.

Influence

We take activist positions when needed to deliver improved outcomes for shareholders.

Steen Capital Partners
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